Wise Energy Solutions Ltd - Accounts to registrar (filleted) - small 18.2
Wise Energy Solutions Ltd - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2019 |
| FOR |
| WISE ENERGY SOLUTIONS LTD |
| WISE ENERGY SOLUTIONS LTD (REGISTERED NUMBER: 08264223) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 AUGUST 2019 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| WISE ENERGY SOLUTIONS LTD |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 AUGUST 2019 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chandler House |
| 7 Ferry Road Office Park |
| Riversway |
| Preston |
| Lancashire |
| PR2 2YH |
| WISE ENERGY SOLUTIONS LTD (REGISTERED NUMBER: 08264223) |
| BALANCE SHEET |
| 31 AUGUST 2019 |
| 31/8/19 | 31/8/18 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Stocks | 5 |
| Debtors | 6 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES | 9 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| WISE ENERGY SOLUTIONS LTD (REGISTERED NUMBER: 08264223) |
| BALANCE SHEET - continued |
| 31 AUGUST 2019 |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the Board of Directors on by: |
| WISE ENERGY SOLUTIONS LTD (REGISTERED NUMBER: 08264223) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 AUGUST 2019 |
| 1. | STATUTORY INFORMATION |
| Wise Energy Solutions Ltd is a |
| company's registered number and registered office address can be found on the Company Information page. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
| value added tax and other sales taxes. |
| Tangible fixed assets |
| Tangible fixed assets are stated at cost less accumulated depreciation and any provision for impairment in value. |
| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful |
| life or, if held under a finance lease, over the lease term, whichever is the shorter. |
| Improvements to property | 10% on cost |
| Plant and machinery | 33% on cost |
| Fixtures and fittings | 25% on cost |
| Motor vehicles | 25% on cost |
| Computer equipment | 33% on cost |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and |
| slow moving items. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
| the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
| substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
| balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
| those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws |
| that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of |
| the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they |
| will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
| scheme are charged to profit or loss in the period to which they relate. |
| WISE ENERGY SOLUTIONS LTD (REGISTERED NUMBER: 08264223) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 AUGUST 2019 |
| 2. | ACCOUNTING POLICIES - continued |
| Going concern |
| The directors have a reasonable expectation that the company possesses sufficient resources to continue in |
| operational existence for the foreseeable future. Thus, the going concern policy of accounting has been adopted |
| in preparing the annual financial statements. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Improvements | Fixtures |
| to | Plant and | and |
| property | machinery | fittings |
| £ | £ | £ |
| COST |
| At 1 September 2018 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 August 2019 |
| DEPRECIATION |
| At 1 September 2018 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 August 2019 |
| NET BOOK VALUE |
| At 31 August 2019 |
| At 31 August 2018 |
| Motor | Computer |
| vehicles | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1 September 2018 |
| Additions |
| Disposals | ( |
) | ( |
) | ( |
) |
| At 31 August 2019 |
| DEPRECIATION |
| At 1 September 2018 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) | ( |
) |
| At 31 August 2019 |
| NET BOOK VALUE |
| At 31 August 2019 |
| At 31 August 2018 |
| WISE ENERGY SOLUTIONS LTD (REGISTERED NUMBER: 08264223) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 AUGUST 2019 |
| 5. | STOCKS |
| 31/8/19 | 31/8/18 |
| £ | £ |
| Stocks |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31/8/19 | 31/8/18 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| Deferred tax asset | - | 12,404 |
| VAT |
| Prepayments and accrued income |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31/8/19 | 31/8/18 |
| £ | £ |
| Trade creditors |
| Tax |
| Social security and other taxes |
| Other creditors |
| Accrued expenses |
| 8. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 31/8/19 | 31/8/18 |
| £ | £ |
| Within one year |
| Between one and five years |
| In more than five years |
| 9. | PROVISIONS FOR LIABILITIES |
| 31/8/19 | 31/8/18 |
| £ | £ |
| Deferred tax | 12,346 | - |
| Deferred |
| tax |
| £ |
| Charge to Income Statement during year |
| Asset brought forward | (12,404 | ) |
| Balance at 31 August 2019 |
| WISE ENERGY SOLUTIONS LTD (REGISTERED NUMBER: 08264223) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 AUGUST 2019 |
| 10. | RELATED PARTY DISCLOSURES |
| During the year, total dividends of £44,500 (2018 - £52,000) were paid to the directors . |
| GDES (UK) Limited owns 50% of the share capital in Wise Energy Solutions Limited. |
| At 31 August 2019, included within debtors was a balance due to the company from GDES (UK) Limited of |
| £886,801 (2018: £911,801). No interest was charged on this loan. |